Apple Expected to Buy Shazam for $400 Million

10 December, 2017, 02:27 | Author: Devin Moran

While neither Shazam nor Apple have commented on the reported acquisition, if the rumors are true, we'll only have to sit through the weekend to find out the facts. Later that year, it arrived on Android, and it has continued to maintain a strong userbase.

It isn't clear whether Apple plans to shut down the app, but if it does, it would affect music streaming platforms such as Spotify and Google Play Music. The London-based company boasts more than 100 million monthly users, and hit one billion total downloads past year. Sources also say that Apple was the most significant paying advertise for Shazam in the year 2016.

The Shazam app uses the microphone on a smartphone to identify nearly any song playing nearby. This would also allow Apple to provide users with a link to purchase identified songs on the App Store.

According to TechCrunch's anonymous sources Shazam could be acquired for less than the $US1.02 billion ($1.36 billion) valuation it received back in 2015.

The deal is as per reports, approximately of $400 million, confirmed by the Recode.

Shazam generated about $US54 million in revenue in 2016. If the rumor is true, the company has lost 60% of its value in two years. The technology lets users scan magazines, books, posters, advertisements, and other physical products which could then launch 3D animations, product visualizations, and 360-degree videos. Shazam also had a deal with Snapchat.

Of course, nothing has been confirmed either by Apple or Shazam. "And, of course, with Apple's war chest, it can afford to make bets that may pay off in a big way or may not matter much in the long run".


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